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PMI PMBOK Risk Methodology

VA Forum for Excellence




September 17, 2013
Steve Bonk
PMI PMBOK Risk Methodology
Project risk is an uncertain event or
condition that, if it occurs has a positive or
negative impact on one or more project
objectives such as scope, schedule, cost,
and quality. PMBOK, 5th edition, 2013
PMI PMBOK Risk Methodology
Project Management Institute (PMI)
Project Management Body of Knowledge
(PMBOK) is a validated generally
accepted practice with five cycles of
improvement
Best practice in Baldrige world
PMI PMBOK Risk Methodology
Start With Risk Management Plan
Plan the work, work the plan
Risk Management Plan How Risks are
Managed
Defines items such as:
Methodology
Participants
Formats
Reviews
Etc.
PMI PMBOK Risk Methodology
Risk Management Process Steps:
Identify Risks
Qualitative Risk Analysis
Quantitative Risk Analysis
Plan Risk Responses
Control Risks
PMI PMBOK Risk Methodology
Identify Risks
Use prior documentation such as charter;
budgets; schedules; plans; etc.
Have right people involved who know risks,
have risk owner
Use methods such as brainstorming;
interviews; Delphi technique; root cause
analysis
Document (risk register)
PMI PMBOK Risk Methodology
What were some of the risks of driving to
the Forum?
PMI PMBOK Risk Methodology
Qualitative risk analysis
Analyze Probability and impact
Calculate and rank risk score
PMI PMBOK Risk Methodology
Qualitative Risk Analysis (continued)
Probability of risk occurring
Probability of .9 or higher treated as certainty not a risk
Probability
.1
.5
.9
1
3
5
Probability Score
PMI PMBOK Risk Methodology
Qualitative Risk Analysis (continued)
What are the probabilities of the risks of
driving to the Forum?
PMI PMBOK Risk Methodology
Qualitative Risk Analysis (continued)
Impact of risk occurring
Areas such as cost; schedule; performance; etc


Impact
Low
Med
High
Impact Score
1
3
5
PMI PMBOK Risk Methodology
Qualitative Risk Analysis (continued)
What are the impacts of the risks of driving to
the Forum?


PMI PMBOK Risk Methodology
Qualitative Risk Analysis (continued)
Risk Score
= Probability Score X Impact Score
Shows importance of risks
Rank by score to show most to least important

PMI PMBOK Risk Methodology
Qualitative Risk Analysis (continued)
What are the risk scores of the risks of driving
to the Forum?


PMI PMBOK Risk Methodology
Quantitative Risk Analysis
Used for important risks which can be
quantified (limited or no number of risks)
Quantitative models (not covered here)
Sensitivity analysis
Monte Carlo analysis
Expected monetary value
Think computers
Often spreadsheet and tool such as Crystal Ball or
Risk Watch (1000s of runs)


PMI PMBOK Risk Methodology
Risk Response Planning
Strategies
Avoid dont do risky action
Transfer somebody else
Insurance
Contracts
Mitigate make changes to reduce probability
Accept let it happen
Contingency reserve (cost; schedule; performance; etc.)

PMI PMBOK Risk Methodology
Risk Response Planning (continued)
What risk response strategies can be used for
the risks of driving to the Forum?



PMI PMBOK Risk Methodology
Control Risks
Reassess new and existing risks
Audits
Variance and trend Analysis
Reserve analysis
Keep your eye on the risks!


PMI PMBOK Risk Methodology
Example Risk Register

Risk Owner Date Open Prob Impact Score Response Contingency
Accident Me 9/16 Yes 1 4 4 Transfer
(insurance)
Traffic Me 9/16 Yes 2 2 4 Accept Alt route